What Does a Revocable Living Trust Accomplish?

While many people have heard of revocable living trusts (or just living trusts), not everyone understands what they are. If you have put off your estate plan because you don’t understand what a revocable living trust does, that’s okay! When we first meet with a client, we discuss your options and explain what a revocable living trust is and how it may benefit you.

A Revocable Living Trust Gives You Privacy

One thing a revocable living trust can do is afford you privacy. For one, when you die and your assets need to be passed on to your heirs, a funded revocable living trust avoids the public probate process. This means your heirs will be able to access their inheritance without it being a public matter.

A revocable living trust can also afford you privacy while you are still living. In Florida, home addresses are public record. If you don’t want anyone being able to find your address through a quick search on the property appraiser’s website, you can put your home in a revocable living trust. This would result in the name of the trust showing up as the owner of the home, not you as an individual.

A Revocable Living Trust Avoids Probate

A revocable living trust also avoids probate, which can be time consuming and expensive. In Florida, probate cases usually require an attorney on the case, which can be expensive. A trust, when properly funded, avoids probate (and therefore avoids those extra attorney fees!). This can put money back in the pockets of your beneficiaries.

A revocable living trust can help your family and other beneficiaries avoid the probate process entirely.

A Revocable Living Trust Leaves You in Control

Generally, you will act as the Trustee of the trust during your lifetime, which gives you the ability to maintain control over your assets. Then, upon your incapacity or death, your successor trustee takes over and administers the trust according to your instructions. It is a private and efficient process.

Questions?

The above list is not exhaustive, but it highlights some of the things you can accomplish by drafting and funding a revocable living trust. If you are in Florida and are interested in discussing whether a revocable living trust is right for you, contact us today. If you’re ready to get started on your Florida estate plan, you can do so here.